Oh deary me I hope the MF crap doesn't go along similar lines of sonray clients . It has been draging on for way to long . Below is small portion of latest release . [arguments over pooled funds etc] cheers
28 March 2012 To Investors Dear Sir/Madam Sonray Capital Markets Pty Ltd (In liquidation) ACN 104 482 993 I refer to my letter dated 21 February 2012 and the judgment dated 10 February 2012 from the Federal Court of Australia in relation to the liquidator’s application for Court directions. The purpose of the application was to determine investor’s rights and entitlements to the assets available for distribution and although the judgment has been received, the timing and quantum of a distribution remains unclear for the following reasons: 1. Appeal regarding Efax Pty Ltd and similar clients The liquidators and Eagle Securities Pty Ltd (Eagle), a Sonray investor, are appealing the judgment reached in respect of Efax Pty Ltd and similar clients which finds that the shares held by Saxo Bank A/S (excluding HIN transferred shares) cannot be pooled (see part E6 or paragraphs 249 to 285 of the judgment). The liquidators are concerned that this decision is arguably inconsistent with both other reasons given in the judgment and various facts before the Court which may support that the shares should be pooled. Further, there is a material impact on the pooled funds if these shares cannot be pooled. The liquidator’s currently estimate that the indicative return to the claimants of the pooled funds reduces from approximately 62 cents in the dollar to 51 cents in the dollar if the shares cannot be pooled which adversely affects approximately 68% of claimants in both number and value. The appeal process commenced with the liquidators and Eagle applying for leave to appeal (i.e. the Court must firstly determine whether there are sufficient grounds to appeal). The applications were heard on 21 March 2012 and the Court has found inter alia that: ? The liquidators can appeal and are acting reasonably and justified in doing so. ? Eagle can appeal but are only entitled to make submissions on matters which are separate to the liquidators.
